Investment Rating - The report maintains an "Overweight" rating for the company [1] Core Views - The company has signed a cooperation agreement with Meiko Electronics to accelerate overseas expansion Meiko will invest $20 million in the company's subsidiary JIARUIAN by April 15, 2025, with the company holding no less than 85.1% of JIARUIAN's shares post-investment This collaboration is expected to enhance the company's presence in AI servers, AIPC, communication, and automotive electronics [1] - The company plans to invest 450 million yuan in its wholly-owned subsidiary Guangdong Xizhen to expand HDI production capacity, aiming to meet the demand for high-end products in AI servers, AIPC, and automotive sectors [2] Financial Projections - Revenue is projected to be 4.93 billion yuan in 2024, 5.74 billion yuan in 2025, and 6.76 billion yuan in 2026 [2] - Net profit attributable to shareholders is expected to be 590 million yuan in 2024, 722 million yuan in 2025, and 895 million yuan in 2026 [2] - EPS is forecasted to be 1.86 yuan in 2024, 2.28 yuan in 2025, and 2.82 yuan in 2026 [3] - PE ratios are estimated at 14.10x in 2024, 11.51x in 2025, and 9.29x in 2026 [2] Operational Metrics - ROE is expected to increase from 13.54% in 2024 to 17.93% in 2026 [3] - Gross margin is projected to rise from 26.8% in 2024 to 28.1% in 2026 [5] - Operating margin is forecasted to grow from 13.5% in 2024 to 14.9% in 2026 [5] Strategic Initiatives - The company is focusing on optimizing its high-end PCB product line to cater to global demand in AI servers, AIPC, and automotive electronics [2] - The investment in Guangdong Xizhen will enhance the company's capabilities in high-end manufacturing, aligning with the demand for high-quality, high-tech products [2]

Investment Rating - The report assigns an "Accumulate" rating for the company, marking its first coverage [1]. Core Views - The company is a leader in the civil explosives industry in Jiangxi Province, with a business model centered on integrated civil explosives and supported by military new materials and digital industries [2]. - The civil explosives business accounted for 68.68% of the company's revenue in 2023, with plans to develop military new materials and automation in rail transit as a second growth driver [2]. - The company benefits from significant regional and capacity advantages, being the only civil explosives producer in Jiangxi, with a 100% utilization rate of its industrial detonator capacity [2]. - The company has a strong military background, with many executives and technical personnel having extensive experience in the military industry [2]. - The construction of new energetic materials production lines is expected to significantly boost revenue, with an estimated annual increase of 750 million yuan, representing 29.52% of total revenue in 2023 [2]. Summary by Sections Company Overview - The company was established in 2006 and went public in 2016, focusing on a dual-core development strategy of "civil explosives + non-civil explosives" [10]. - It has expanded its business through acquisitions and investments, enhancing its non-civil explosives operations [10]. Industry Analysis - The civil explosives industry is heavily regulated, with safety as a primary concern, and is expected to see a reduction in the number of production enterprises to fewer than 50 by 2025 [21][26]. - The industry has shown stable growth, with an increase in overall profits despite a slight decline in production value in the first half of 2024 [26]. Financial Performance - The company achieved revenues of 2.541 billion yuan in 2023, with projected revenues of 2.749 billion yuan, 3.468 billion yuan, and 4.201 billion yuan for 2024, 2025, and 2026, respectively [3]. - The net profit attributable to shareholders is expected to grow from 335 million yuan in 2024 to 516 million yuan in 2026, with corresponding PE ratios of 19.03, 15.74, and 12.36 [3]. Competitive Advantages - The company has a competitive edge due to its unique position as the only civil explosives producer in Jiangxi, along with its high capacity utilization and technological capabilities [2][21]. - The company’s R&D investment has been increasing, with a research expense ratio of 5.44% in 2023, indicating a strong commitment to innovation [17].

Investment Rating - The investment rating for the company is "Buy" (首次) [1] Core Views - The textile industry is experiencing a recovery, and the company's main business is continuously improving. The company's dyeing revenue has grown from 2.9 billion yuan in 2016 to 4 billion yuan in 2023, with a CAGR of nearly 5% [2] - The company benefits from the optimization of the dyeing industry structure, with its revenue share increasing from approximately 0.74% in 2016 to about 1.34% in 2023 [2] - The company is expanding its gold jewelry business, which is expected to benefit from high consumer demand for gold. The company's gold jewelry revenue reached 5.33 billion yuan in 2023, a year-on-year increase of 6% [2] - The company is expected to achieve revenue of 10.52 billion yuan, 11.70 billion yuan, and 12.44 billion yuan from 2024 to 2026, with corresponding net profits of 755 million yuan, 824 million yuan, and 916 million yuan [2] Summary by Sections Company Overview - The company, established in 1998 and listed in 2004, focuses on "textile dyeing + gold jewelry" as its dual main business. It has expanded its business through acquisitions, becoming a significant player in both industries [9] Textile Industry Development - The textile industry is a pillar of the national economy, with a stable development trend. The dyeing industry has undergone supply-side reforms, leading to the elimination of backward production capacity and an increase in industry concentration [16][18] - The industry is subject to strict environmental regulations, which have raised entry barriers and accelerated the elimination of outdated capacity [26] Company’s Dyeing Business - The company's dyeing business is a core segment, with a processing scale of 1.02 billion meters in 2023, generating revenue of 3.793 billion yuan [9] - The company maintains a gross margin above 20% in its dyeing business, demonstrating strong profitability compared to industry peers [2] Gold Jewelry Business Expansion - The company has been expanding its gold jewelry business since acquiring a 100% stake in Hangmin Baitai in 2018 and a 65% stake in Shenzhen Shangjinyuan in 2023. The gold jewelry business is expected to benefit from rising gold prices and consumer demand [2][9] Financial Projections - The company is projected to achieve significant revenue and profit growth over the next few years, with a PE ratio decreasing from 11.51 in 2022 to 7.86 in 2026, indicating an attractive valuation [3]

电力设备 / 行业投资策略周报 / 2024.08.06 硅片价格预计见底】 海风项目逐步 ● 搜索评级:未好(维持) 衰逝 12 月市场表現 茶一物 分析师 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报考 1. 《8 月光伏排产乐观，电新各板块底 新 回 升 》 2024-08-01 2. 《24Q2 新能源持仓下滑，电网较为 检定》 2024-07-25 3. 《亚非拉克拉劫无储高增，用电童 * 礼》 2024-07-24 � 苏格网, 首 县 现 县 ■ 证券研究报告 ◇ 比较积极的变化，多数直接使用方有不同程度的发生条买数重大于当前实际 使用臺的市況。价格方面，国产硅衬现货价格范围变化不大，但是低价水子有 线慢回调趋势；海外产地组村价格能否保持宽委另外观察，预计有永压下行 压力。库存方面，价格筑底倍号相对明确引起相关方加大朵买壹，当前整体系 库压力下降是建立在供给站七月大幅减产的前提下，对于下半年整体库存未 说，仍将面临库存常态化的压力。 ... 植电：７月新势力丰企增劳强劲，理想、问界、极宽、李跑为首的大部分新势 力丰企销查问比大增，汽车以旧换新补贴 ...

公用事业 / 行业投资资略周报 / 2024.08.06 ● 我们许级:未好(首次) 菜近 12 月市场表现 茶一杂艺 分析师 SAC 证书编号：S0160522110002 zhangyc02@ctsec.com 相关报告 � 绿色交易专章发布时再生能源消纳权重 ■ 证券研究报告 � 公用事业周报 (2024. 07. 29–2024. 08. 04) 苏格网, 首 效感目标实现在昨，绿电消纳交易政策频出： (1) 国家发改委、国家能 源局发布关于印发绿色电力交易专幸，發调国家能源局负责报劫绿证核发全 覆盖，拓展绿证应用场景；《2》生态环境部发布了第二批 CCER 方法学，包括 煤矿低浓度瓦斯和风排瓦斯利用，标志 CCER 项目已扩展至六个领域； (3) 发改委和国家能源局发布《关于 2024 年可再生能源电力消纳责任权查及有关 事项的通知》，明确 2024 年消纳权查、2025 年预期目标、电解铝行业绿电消 食比例：《4》生态环境部发布了与欧盟委员会办發咳排放权交易市场合作的 访解各志承，办强对方域市场合作。 ◇ 查委公司救态：〈1〉中绿电发布上半年发电情况：2024 年上半年累计完成 上网电臺 44. ...

建筑材料 / 行业投资策略周报 / 2024.08.06 建材行业策略周报 因 授资评级:看好(维持) 最近 12月市场表现 毕春晖 SAC 证书编号： S0160522070001 bich@ctsec.com | --- | --- | |-------------------------|------------| | | | | | | | 相关报告 | | | | | | 1. 《建材行业策略周报》 | 2024-07-29 | | 2. 《建材行业策略周报》 | 2024-07-22 | | 3.《建材行业策略周报》 | 2024-07-14 | � 地产去库是关键,产业链需求待修复 ■ 证券研究报告 核心观点 消费建材:政治局会议仍以防风险为首,继续提及存量消化。2024年 7月 30日,中共中央政治局召开会议,提出房地产方面,1要持续防范化解 重点领域风险,2要落实好促进房地产市场平稳健康发展的新政策,坚持消 化存量和优化增量相结合,积极支持收购存量商品房用作保障性住房,进一 步做好保交房工作,加快构建房地产发展新模式。③要完善和落实地方一揽 子化债方案,创造条件加快化解地方融资平台债务风险。 ...

房地产开发 / 行业投资策略周报 / 2024.08.06 ● 我在评级:未好(维持) 菜近 12 月市场表现 欧阳之无 分析师 SAC 证书编号：S0160524070001 oyzg@ctsec.com 주 梦想 分析师 SAC 证书编号：S0160524060001 wumr@ctsec.com 相关报考 1.《房地产行业周报(2024 年笫 30 周)》 2024-07-29 2.《房地产行业周报(2024 年第 29 周)》 2024-07-21 3.《房地产行业周报(2024 年笫 28 周)》 2024-07-15 房地产行业周报 | 2024 年第 31 画 证券研究报告 政治局会议定调下半年房地产工作 美格國 參 � 本周板块回顾：本周中方房地产指数上涨 1.32%，沪深 300 指数较上周下 跌 0.73%，板块跑赢沪深 300 指數 2.05pct，在 31 个板块中排序 18 位。 � 行业數據面願：本周 30 大中城市商品房成交面积 205 万千米,环比+26.8%, 阿比-14.7%。细分城市能级未看，30 大中城市中，一线城市商品房成交面积 59 万千米，环比+19.3%，同比- ...

汽车 / 行业专题报告 / 2024.08.06 obotaxi 行业 专题报 各 ● 技术齐级:春好(维持) 衰逝 12 月市场表现 所变旧 分析师 SAC 证书编号：S0160522110003 xingcy01 @ctsec.com 李 办 分析师 SAC 证书编号：S0160521050001 libo@ctsec.com 相关报考 1. 《7 月变卡行业河祭》 2024-08-02 2. 《汽车行业周报》 2024-07-29 《 6 月份 中 国 车 市 运 行 回 原 》 3. 2024-07-26 �� .. ■ 证券研究报告 � Robotaxi 有愛推动高阶窄能驾驶於途牛快速提升 Robotaxi 有要推动高阶有能驾驶渗透单快速模升：作为高阶智能驾驶的 查委应用场录，随着 Robotaxi 行业的快速发展，具备 L4-L5 级智能驾驶的车 病渗透率有望快速找升。据弗若斯特沙利文分析，2023 年全球 L4-L5 级车辆 滲透率几乎为 0: 预计 2035 年全球 L4-L5 级车辆滲透率升至 7.6%，高中国 L4-L5 级车辆渗透率将达 12.5%。考虑规模效应的影响，Robotaxi ...

Investment Rating - The report maintains a "Positive" investment rating for the chemical industry [1]. Core Insights - The market composite index has shown an upward trend, with the Shanghai Composite Index closing at 2905.34, up by 0.50% for the week. The chemical sector also saw a slight increase of 0.43% [7][8]. - Significant price increases were observed in vitamins, particularly Vitamin A and E, due to supply disruptions from BASF. Vitamin A's average market price rose to 175 CNY/kg, a 90.22% increase, while Vitamin E reached 125 CNY/kg, up by 34.41% [18][20]. - The report highlights the strategic cooperation between Longbai Group and Sichuan Resources Group, indicating potential growth opportunities in the sector [2]. Market Performance Overview - The top five performing stocks in the chemical sector for the week included Jiangtian Chemical (+24.54%), Jianxin Co. (+17.22%), and Weilan Bio (+14.97). Conversely, the worst performers were Beisimei (-18.27%) and Wanhua Chemical (-6.70%) [12][14]. - The chemical products with the highest price increases included Vitamin A, Vitamin E, and isobutyraldehyde, while liquid gas and methyltrichlorosilane saw significant declines [18][19][22]. Chemical Sector Analysis - The chemical sector's sub-segments showed varied performance, with viscose (+6.73%) and coatings (+4.58%) leading the gains, while polyurethane (-6.01%) and coal chemicals faced declines [9][10]. - The report emphasizes the importance of domestic substitution in high-end optical materials, suggesting investment in companies like Stik and Dongcai Technology, which are positioned to benefit from this trend [3]. Price Movements - The report notes that crude oil prices fell by 0.71% during the week, impacting the overall chemical market dynamics [15]. - Key chemical products experienced notable price fluctuations, with pure MDI increasing by 4.47% to 18700 CNY/ton, while lithium carbonate saw a significant drop of 4.97% [23].

核感股份(002714) / 养殖业 / 公司总评 / 2024.08.04 Q2 业绩担有为盛日养殖成本持续工行 ● 投资计划:考虑(文献) | --- | |------------| | 技术教育 | | 状食价(无) | | | 等嚴冲災产(无)11.54 多縣本(化縣)54.65 蒸汽 12 月市场表现 条例 伏 SAC 证书简予：S0160522050003 yujq01@ctsec.com 治关报告 1. 《QI 业绩暂永压，出程稳步扩张，成 本伐券稳固》 2024-04-28 2. 《Q3 指与为鱼，降本增效持续报进》 2023-10-31 3. 《产能稳步增长，成本优势进一步加 2023-08-19 格》 : � 4 1 1 1 1 ■ 证券好文报告 � 事件：会司 2024H1 营业收入+9.63%，同比装守为量。公司 2024 年上半年实 现容业妆入 568.66 亿元 ( 同比 +9.63%)，均与冷利润 8.29 亿元：半二季度妆 入 305.94 亿元（同比+10.56%）归草冷利润 32.08 亿元。 籍你反种，公司 2024Q2 操作为量。1）2024Q2 以来，生籍价格连多进 ...